水信息披露、媒体关注与企业价值——基于制造业上市公司的实证分析

Water Information Disclosure,Media Attention and Enterprise Value——Based on an Empirical Analysis of Manufacturing Listed Companies

水资源信息披露有助于规范用水标准、避免水资源浪费,其已成为市场化管理的重要手段,积极披露水资源信息是企业承担社会责任的一种表现。本文以我国制造业上市公司2010年—2018年数据为样本,运用面板数据模型分析水信息披露对企业价值的影响机理,并引入媒体关注这一变量分析其对水信息披露和企业价值关系的调节作用。研究表明:水信息披露与企业价值负相关,媒体关注与企业价值正相关,非负面媒体关注在水信息披露对企业价值的负向影响中具有显著的调节作用,而负面媒体关注则不具有显著的调节作用。今后我国应进一步完善水信息披露机制,明确披露指标,促进企业提高信息披露质量,并充分发挥媒体关注在企业信息披露中的影响作用。

The disclosure of water resources information is conducive to standardizing water use standards and avoiding waste of water resources,which has become an important means of marketization management.The active disclosure of water resources information is a manifestation of enterprises’undertaking social responsibilities.Selecting the data of Listed Companies in China’s manufacturing industry from 2010 to 2018 as the research sample,and employing panel data model,this paper empirically analyzes the impact mechanism of water information disclosure on enterprise value,and introduces the variable of media attention to analyze its regulatory effect on the relationship between water information disclosure and enterprise value.The results show that water information disclosure is negatively correlated with enterprise value,media attention is positively correlated with enterprise value,non-negative media attention has a significant regulating effect on the negative impact of water information disclosure on enterprise value,while negative media attention has no significant regulating effect.In the future,it is of great necessity for China to further improve the water information disclosure mechanism,define the disclosure indicators,promote enterprises to improve the quality of information disclosure,and give full play to the influence of media attention on enterprise information disclosure.